Mountain Pacific Investment Advisers Inc. ID Reduces Stake in Apple Inc. (NASDAQ:AAPL)
Mountain Pacific Investment Advisers Inc. ID cut its position in Apple Inc. (NASDAQ:AAPL) by 13.5% during the first quarter, according to its most recent filing with the SEC. The fund owned 6,394 shares of the iPhone maker’s stock after selling 1,000 shares during the period. Mountain Pacific Investment Advisers Inc. ID’s holdings in Apple were worth $919,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Glacier Peak Capital LLC purchased a new stake in Apple during the fourth quarter valued at approximately $127,000. Welch Investments LLC bought a new position in Apple during the fourth quarter valued at about $146,000. Odey Holdings AG increased its position in shares of Apple by 27.3% in the fourth quarter. Odey Holdings AG now owns 1,273 shares of the iPhone maker’s stock valued at $147,000 after buying an additional 273 shares during the period. Portfolio Solutions LLC acquired a new position in shares of Apple during the first quarter valued at $169,000. Finally, Fox Run Management L.L.C. acquired a new position in shares of Apple during the first quarter valued at $201,000. Hedge funds and other institutional investors own 61.17% of the company’s stock.
Shares of Apple Inc. (NASDAQ:AAPL) traded down 1.00% during mid-day trading on Thursday, hitting $155.57. The company had a trading volume of 27,088,828 shares. Apple Inc. has a 12-month low of $102.53 and a 12-month high of $157.21. The firm’s 50 day moving average is $147.04 and its 200-day moving average is $142.60. The firm has a market cap of $136.09 billion, a PE ratio of 17.62 and a beta of 1.31.
Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, beating the Zacks’ consensus estimate of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.46%. The business had revenue of $45.41 billion during the quarter, compared to analysts’ expectations of $44.94 billion. During the same quarter in the prior year, the company earned $1.42 EPS. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. On average, equities analysts expect that Apple Inc. will post $8.97 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Investors of record on Monday, August 14th will be given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date is Thursday, August 10th. Apple’s dividend payout ratio is currently 28.64%.
Apple declared that its board has initiated a share buyback program on Tuesday, May 2nd that permits the company to buyback $50.00 billion in shares. This buyback authorization permits the iPhone maker to reacquire up to 6.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
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Several equities analysts recently weighed in on AAPL shares. Drexel Hamilton reiterated a “buy” rating and issued a $202.00 price target on shares of Apple in a report on Thursday, July 6th. Instinet reiterated a “buy” rating and issued a $165.00 price target on shares of Apple in a report on Wednesday, July 5th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $168.00 price objective on shares of Apple in a research note on Tuesday, June 6th. Credit Suisse Group reaffirmed an “outperform” rating and set a $170.00 price objective on shares of Apple in a research note on Tuesday, July 25th. Finally, Macquarie raised their price objective on shares of Apple from $170.00 to $180.00 and gave the stock an “outperform” rating in a research note on Wednesday. Twelve investment analysts have rated the stock with a hold rating, forty-two have assigned a buy rating and one has issued a strong buy rating to the company. Apple currently has a consensus rating of “Buy” and an average price target of $167.13.
In other Apple news, insider Angela J. Ahrendts sold 75,000 shares of the stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $147.98, for a total transaction of $11,098,500.00. Following the completion of the transaction, the insider now owns 154,116 shares in the company, valued at approximately $22,806,085.68. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Daniel J. Riccio sold 11,949 shares of the stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $142.86, for a total value of $1,707,034.14. The disclosure for this sale can be found here. In the last 90 days, insiders sold 373,000 shares of company stock valued at $56,497,046. 0.08% of the stock is owned by corporate insiders.
Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.
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